Day Facts |आज के तथ्य

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Day Facts for 19-12-2016 - ECONOMY AND FINANCE

1. The Great Recession - which officially lasted from December 2007 to June 2009 - began with the bursting of an 8 trillion dollar housing bubble in the USA2. In 2008 and 2009, the U.S. labor market lost 8.4 million jobs, or 6.1% of all payroll employment. This was the most dramatic employment contraction (by far) of any recession since the Great Depression3. The Asian financial crisis started in Thailand in May 1997 with the collapse of the Thai baht, and gradually gripped much of East Asia4. The seeds of the 1997-98 Asian financial crisis were sown during the previous decade when these countries were experiencing unprecedented economic growth5. Foreign debt-to-GDP ratios rose from 100% to 167% in the four large Association of Southeast Asian Nations (ASEAN) economies in 1993–96, then shot up beyond 180% during the worst of the crisis6. During 1996, Indonesia received the world’s third largest share of private foreign capital inflows ($17.9b)7. A second notable feature of the crisis of 1997-8 was the volume of the IMF bailouts that were negotiated8. The December 1997 South Korean bailout of $57b dwarfed what was formerly the world’s largest bailout of Mexico in February 1995 (valued at $50b)9. The crisis of 1997-8 occurred after the IMF had implemented an important new set of safeguards embodied in the “Special Information Dissemination Standard”10.India remained insulated from this crisis largely because of an insulated banking system and no capital account convertibility.